Even as a relief bill is expected to be introduced in Congress today, if it passes and works, Puerto Rico will not be able to pull out of its financial tailspin for years, according to a commentary in today’s New York Times. Across America, dozens of cities, counties and states may be heading down the same financial rabbit hole. Illinois, New Jersey, Philadelphia, St.
Puerto Rico in Distress
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Puerto Rico is pushing for its water utility to borrow hundreds of millions of dollars to avoid a July bond default, seeking to overcome investors’ skepticism as the island’s fiscal crisis pushes it to skip payments on a growing share of its $70 billion of debt, Bloomberg News reported yesterday.
Lawmakers have missed one deadline to prevent Puerto Rico from defaulting on its debt, and they’re trying to figure out how to build support for legislation that could prevent a second missed payment, Bloomberg News reported today. Republicans are seeking to produce a revised bill as early as Wednesday, while U.S. Treasury Secretary Jacob J.
Lawmakers are planning to roll out a new bill to help Puerto Rico restructure its debt on Wednesday, MorningConsult.com reported yesterday. A legislative staffer said that the new language will be introduced under a new bill number. The current plan is to have Rep. Sean Duffy (R-Wis.) remain the bill’s lead sponsor. He sponsors the current bill, H.R. 4900.
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The Financial Oversight and Management Board for Puerto Rico was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016. The Board consists of seven members appointed by the President of the United States and one ex officio member designated by the Governor of Puerto Rico. Access information on the Board, documents, videos of meetings, calendar of events and live webcasts by clicking here.